Presented below is information related to Wally Company. The company was formed on January 1, 2019:

The company is authorized to issue $45 value preferred stock and no-par common stock. The common stock has a stated value of $6 per share.

(a)

17,000 shares of the common stock are issued to the founders of the corporation for buildings valued at $230,000

(b)

3,300 shares of the preferred stock are sold for cash at $120 per share.

(c)

The company declares a 8% stock dividend on the common stock outstanding. The fair market value of common stock is $36 per share.

Instructions:

Prepare the general journal entries necessary to record these transactions. Leave any lines you don't need blank. Select the accounts from